Fintech Disruptors Report 2016 – Nordic Edition
The Fintech Disruptors Report: Nordic Edition provides a fresh perspective on the pioneering role the region is playing in the fintech revolution. Including new insight on the industry’s response to the disruption of the smartphone era, the report is a valuable guide for anyone that wants to explore the breadth of innovation and talent across this dynamic region. Register here to get a free copy.
UPSTART Banking – The consequences of the financial crisis of 2007-09 were far-reaching and are still being felt today. The implosion of global banking and the consequent loss of trust in institutions has opened the market to non-bank competitors. This has been supported by favourable regulation aimed at introducing more competition into retail financial services, and cheaper access to consumers through the smartphone revolution.
Uprising – Interviews with over 30 incumbant and start-up businesses across the region reveal the breadth of the Nordic fintech ecosystem. Success in creating 
a new generation of global fintech brands will depend on support from the financial services industry and other export-focused institutions.
Partnership – The report underscores the degree to which traditions of collaboration and co-operation within the banking sector have fostered the development of a vibrant financial services industry.
Simplicity – Easier access to consumers through digital channels – specifically smartphones – is driving the trend to straightforward products. While this may be impractical for multi-channel institutions, the research highlights the opportunity for banks to simplify the user experience, rationalise product lines and improve returns.
Trust – Trust in Nordic banks remains strong, but so does local enthusiasm for technology and innovation. In order for banks to maintain a loyal customer base, they will need to place an emphasis on customer-first product experiences and continue to support innovation and collaboration.
Agility – Smartphone app use has radically altered consumer demand for innovation, with new products launched more quickly, tested in the open market and continuously refined. Organisations interviewed for this report underline how banks are adapting to this cultural change with innovation initiatives that include venture capital investment, internal development and acquisitions.
Relationship – The focus on user experience by fintech entrants, including those quoted in this report, is drawing attention to the opportunity to redraw the relationship between financial services providers and their customers. For banks, this will mean seizing the potential to leverage deep pools of data for greater customer insight so as to understand how to monetise their services transparently in a way that fosters the longer term relationship.
Transparency – Price transparency enabled by the first internet wave at the beginning of the century in the form of price comparison sites such as Moneysupermarket.com, has been complemented in the age of the mobile internet by an influx of new entrants with straightforward pricing and simple business models. For banks, a response will require a root-and-branch commitment to transparency to help restore trust and re-build the connection with customers.
Read the full findings in our 2016 UPSTART Banking Nordic Edition report.